MegaWest Announces Revocation of Cease Trade Orders
§ Cusip: #585168 107
§ CALGARY, Oct. 25 /CNW/ - MegaWest Energy Corp., (the "Company" or
"MegaWest"), (OTCBB:MGWSF) announces that it has been successful in its
application to the Alberta Securities Commission and the British Columbia
Securities Commission (the "Commissions") to revoke the cease trade orders
issued on September 7, 2010 and September 8, 2010 respectively. The cease
trade orders were issued as a result of the Corporation's failure to file its
annual audited financial statements, annual management's discussion and
analysis and certification of its annual filings for the year ended April 30,
2010, which filings were made on September 17, 2010. All of the Company's
regulatory filings are up to date effective with this press release.
§ MegaWest is an independent oil and gas company, specializing in
non-conventional oil and gas projects with a focus on North American heavy oil
with particular emphasis on the Deerfield area of western Missouri. The
Company has two individual 320-acre steam injection projects in the Deerfield
area with approximately 20 acres developed on each of the Marmaton and Grassy
projects. In the Deerfield area, excluding the 40 acres of developed land, the
Company has an operated 90% working interest in over 15,400 acres of
undeveloped land prospective for heavy oil development and has identified a
number of additional potential steam injection projects on this land base. In
total, including the Deerfield Missouri acreage, the Company owns a 61%
operated working interest in 113,000 acres of undeveloped land prospective for
heavy oil development and exploration in Missouri, Kansas, Kentucky, Montana
and Texas. For further details on the Company and its prospects, please refer
to the Company's website.
§ Forward-Looking Statements
§ This press release contains forward-looking information and statements
including opinions, assumptions, estimates, expectations of future production
performance and cash flow requirements. Forward-looking statements include
information that does not relate strictly to historical or current facts.
When used in this document, the words "anticipate", "believe", estimate",
"expect", "forecast", "intent", "may", "project", "plan", "potential",
"should" and similar expressions are intended to be among the statements that
identify forward-looking statements. Predictions of steam flood performance
and future production rates are forward-looking statements. Forward-looking
statements are not guarantees of future performance and are subject to a wide
range of known and unknown risks and uncertainties, and although the Company
believes that the expectations represented by such forward-looking statements
are reasonable; there can be no assurance that such expectations will be
realized. We have attempted to identify important factors that could cause
actual results, performance or achievements to vary from those current
expectations or estimates expressed or implied by the forward-looking
information, which include the ability of the Company to raise sufficient
capital to carry out its business plan, the risk of adverse market prices of
both oil and natural gas, operational risks and geological risk.
§ These and other risks and uncertainties that could affect future events
or the Company's future financial performance are more fully described in the
Company's quarterly reports (on Form 6-K filed in the US and the financial
statements, management discussion and analysis and Form 51-102F1 filed in
Canada), the Company's annual reports (on Form 20-F filed in the US, and the
financial statements, management discussion and analysis, Annual Information
Form and Form 51-102F1 filed in Canada) and the other recent filings in the
US and Canada. These filings are available at www.sec.gov in the US and
www.sedar.com in Canada. For all such forward-looking statements, we claim the
safe harbour for forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995
